The total investment budget amounts to around HRK 4bn (around USD 600mn) and includes the Residue Upgrade unit, the reconstruction of existing refinery units as well as a new port with closed petroleum coke storage.
INA’s Downstream 2023 New Course transformation program also includes the concentration of crude refining activity in the Rijeka Refinery and the conversion of the Sisak Refinery to an industrial site, which will serve as a base for bitumen production (a project approved in March 2019), a logistic hub and potentially for lubricant production and a bio-component refinery, subject to further investment decisions.
József Molnár, MOL Group CEO and the Vice President of INA Supervisory Board, commented: „This decision proves MOL Group’s commitment to INA. By completing the Residue Upgrade project, we will substantially increase the complexity and the efficiency of the Rijeka Refinery. I firmly believe that the competitiveness of INA’s Refining&Marketing business will further improve once the unit is commissioned and the investment will have a significant positive impact on the company's profitability in the future.”
Tomislav Ćorić, Croatian Minister of Environment and Energy said:”With today’s decision to launch the Rijeka Refinery modernization project, INA is making a major step forward. This is one of the biggest investments in our energy sector and I am pleased that it was realized during the term of this Government. This investment will improve Rijeka's product structure, increase profitability and improve INA's environmental competitiveness by significantly reducing CO2 and other harmful gases.”
Sándor Fasimon, President of INA Management Board, added: “The decision on the Residue Upgrade project marks an important milestone in the implementation of the INA Downstream 2023 New Course program, as well as in the company’s history. It will transform the Rijeka Refinery into a modern refinery in Europe and will ensure INA keeps a strong position on the market. It’s a major investment that will significantly affect the company's business in the future.”